Build-Ready Development Lot with
For Sale
$150,000
1300 Lancaster Avenue, Reynoldsburg, OH 43068
Build-ready lot with existing 3-car garage and public utilities for streamlined development at 1300 Lancaster Avenue.
Property Size904 SF
Lot Size0.16 Acres
Price / SF$165.93
Days on Market317
Property Features for 1300 Lancaster Avenue
General Information
Standard status
Active
Size
904 SF
Lot size
0.16 Acres
Property subtype
Land / Land
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$766
Building Details
Year Built
1945
Listing Agency:
RE/MAX Partners
(614) 377-3978
Listed By:
Gabriela Jacqueline Ramirez · License #2025000941
(614) 377-3978
Source:
Compass
Added: Sep 27, 2025
Changed: Aug 8
Last Checked: Jul 16 at 6:44AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Partners
Investment Insights
Based on property information with market context.
This build-ready parcel offers a convenient foundation for new development, with an existing 0.16-acre site already improved by a 900 sq. ft. 3-car garage. The on-site structure can support interim use for a workshop, car enthusiast setup, or high-value storage while you finalize plans and construction.
Located at 1300 Lancaster Avenue in Reynoldsburg, the property sits within Historic Old Reynoldsburg. Public remarks indicate the site is steps from local history, parks, and dining, with the surrounding area characterized by a quiet, mature landscape.
For buyers looking for a manageable path from site preparation to project execution, the presence of public utilities available on-site can help reduce delays tied to utility coordination. The combination of a build-ready lot and an existing, functional garage makes the property practical for developers who want immediate on-site utility without losing time, and for owners who want usable space while their project comes together.
Located at 1300 Lancaster Avenue in Reynoldsburg, the property sits within Historic Old Reynoldsburg. Public remarks indicate the site is steps from local history, parks, and dining, with the surrounding area characterized by a quiet, mature landscape.
For buyers looking for a manageable path from site preparation to project execution, the presence of public utilities available on-site can help reduce delays tied to utility coordination. The combination of a build-ready lot and an existing, functional garage makes the property practical for developers who want immediate on-site utility without losing time, and for owners who want usable space while their project comes together.
Key Highlights
- Build‑ready .16‑acre lot at 1300 Lancaster Avenue in Old Reynoldsburg
- Existing 900 SF 3‑car garage on‑site for workshop, car storage, or high‑value storage
- All public utilities available to support development
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,754
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.50%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$255,080
$255.1K
Cap Rate 7%
$182,200
$182.2K
Cap Rate 9%
$141,711
$141.7K
Market Conditions
NOI Build-Up for 904 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$19.7K $21.84/SF
− Vacancy
−$4.7K −$5.24/SF
EGI
$15.0K $16.60/SF
− OpEx
−$2.3K −$2.49/SF
NOI
$12.8K $14.11/SF
Area
Franklin County, OH
Vacancy
24.00%
Lease Rate
$21.84 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$255,080
Cap Rate 7%
$182,200
Cap Rate 9%
$141,711
Alternative Uses
Best Use
Warehouse
$182.2K
$159.4K – $212.6K
NOI $12,754 @ 7.0% cap · market cap 8.50%
Second Best
Industrial
$150.0K
$131.3K – $175.1K
NOI $10,503 @ 7.0% cap · market cap 7.00%
Theoretical Best
Specialty Retail
$184.3K
$161.3K – $215.0K
NOI $12,901 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 43068, OH
59,585
Population
25,294
Households
2.4
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
19.6 sq mi
ZIP Area
3,040
Density / Sq Mi
$70,451
Median Household Income
$42,327
Median Earnings
$1,214
Median Rent
$225,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Build-ready lot with existing 3-car garage and public utilities for streamlined development at 1300 Lancaster Avenue.
Where is this residential land & home lot located?
The property is located at 1300 Lancaster Avenue Reynoldsburg, OH.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Build‑ready .16‑acre lot at 1300 Lancaster Avenue in Old Reynoldsburg; Existing 900 SF 3‑car garage on‑site for workshop, car storage, or high‑value storage; All public utilities available to support development
